Stobart Group confirms investor bid to appoint retail’s Philip Day as chairman
A group of investors is trying to appoint retail boss Philip Day as chairman.
Stobart has confirmed that a group of key shareholders are manoeuvring to install retail boss Philip Day as chairman of the firm.
The infrastructure business is under pressure from former chief executive Andrew Tinkler, former director Allan Jenkinson and the fund controlled by star investor Neil Woodfood.
The group owns 33% of Stobart’s shares, and the company will now convene a meeting to allow all shareholders to vote on the appointment.
I have been very clear that the Stobart Group needs a stable board and management team Warwick Brady
Stobart’s nomination committee will meet ahead of the vote to decide on its advise for shareholders.
Th bid to appoint Mr Day, who owns high street retailers including Peacocks and Edinburgh Woollen Mill, comes amid a tense boardroom battle at Stobart.
Last week, Stobart unleashed a tirade against Mr Tinkler, who was once chief executive at the company, for trying to boot out incumbent chairman Iain Ferguson.
The board criticised Mr Tinkler, saying he had “destabilised the group” at a critical time.
Stobart expressed “full confidence” in Mr Ferguson, and recommended that shareholders re-elect him at the AGM.
Warwick Brady, chief executive of Stobart, said in a statement: “I have been very clear that the Stobart Group needs a stable board and management team to support the execution of this plan, underpinned by strong and effective corporate governance.”
Separately, the group said on Tuesday that it had found “an excellent female candidate” to replace non executive director John Garbutt, who will step down at Stobart’s annual general meeting (AGM).